Core Viewpoint - UBS has raised the target price for Hong Kong Telecom-SS (06823) to HKD 13.4, reflecting a stable operational performance with EBITDA meeting market expectations [1] Financial Performance - Hong Kong Telecom's EBITDA for the first half of the year increased by approximately 3% year-on-year to HKD 6.4 billion, aligning with market expectations [1] - Despite stable operational performance, net profit appears to be below market expectations, potentially due to higher-than-expected interest expenses [1] Revenue Forecast - UBS has adjusted the revenue forecast for fixed-line business (TSS) for 2025 to 2027 upwards by 2% to 3%, contributing to an overall revenue forecast increase of 1% to 2% for the period [1] Target Price Adjustment - The target price for Hong Kong Telecom has been slightly increased by about 3%, from HKD 13 to HKD 13.4, while maintaining a "Buy" rating [1]

瑞银发布研报称，香港电讯-SS(06823)上半年EBITDA同比升约3%至64亿元，符合市场预期。虽然营运 业绩表现稳健，但净利润似乎低于市场预期，这可能是由于利息费用较预期高，因为较低HIBOR的利 好因素尚未在上半年完全反映出来。该行表示，由于企业收入增长，上调2025至27年固网业务(TSS)收 入预测2至3%，带动期内整体收入预测调升1%至2%。该行微升公司目标价约3%，由13元上调至13.4港 元，维持"买入"评级。 ...

Core Viewpoint - UBS's research report indicates that Hong Kong Telecom's EBITDA for the first half of the year increased by approximately 3% year-on-year to HKD 6.4 billion, aligning with market expectations. However, net profit appears to be below market expectations, potentially due to higher-than-expected interest expenses, as the benefits of lower HIBOR have not fully reflected in the first half [1] Group 1 - The company's operational performance remains robust, with a year-on-year EBITDA increase of about 3% to HKD 6.4 billion [1] - Net profit is reportedly lower than market expectations, attributed to higher interest expenses [1] - The lower HIBOR benefits have not been fully realized in the first half of the year [1] Group 2 - UBS has raised its revenue forecast for the fixed-line business (TSS) for 2025 to 2027 by 2% to 3%, which contributes to an overall revenue forecast increase of 1% to 2% for the period [1] - The target price for the company has been slightly increased by approximately 3%, from HKD 13 to HKD 13.4, while maintaining a "Buy" rating [1]